WHEREAS, on December 21, 2000, the President of the United States signed into law HR 4577 entitled the "Consolidated Appropriations Act, 2001," which raises the private activity bond state volume cap from fifty dollars per capita to sixty-two dollars and fifty cents per capita in 2001, seventy-five dollars per capita in 2002, and indexed thereafter; and
WHEREAS, RCW 39.86.160 authorizes the Governor to establish by executive order an alternative system for the allocation of tax-exempt bonds under the state ceiling, effective until the legislature acts, if federal legislation is enacted or federal regulations are promulgated which affect the state ceiling, when the legislature is not in session or is less than forty-five days from the constitutional end of session.
NOW THEREFORE, I, Gary Locke, Governor of the State of Washington, by virtue of the authority vested in me do hereby direct the following actions:
1. From and after January 1, 2001, effective until the legislature acts, the initial allocation of the state ceiling as described in RCW 39.86 shall be for each year as follows:
|BOND USE CATEGORY||2001||2002 and THEREAFTER||Alternative Allocation*|
|Remainder and redevelopment||4.0%||3.0%||8.0%|
*Effective upon the earlier of (a) exhaustion of the $750,000,000 authority under Section 1317(25) of the Tax Reform Act of 1986, as amended, and/or any new federal legislation increasing the amount of such authority or creating additional authority, or (b) waiver of the authority described under (a) due to alternative federal authority that does not use state volume cap.
2. This executive order is effective as of January 1, 2001.